Female Genital Mutilation free essay sample

This paper discusses the continuing practice of female genital mutilation(FGM) in many third world countries. (more)

What Warren Buffets eating habits can teach you about your career

What Warren Buffets eating habits can teach you about your career Have you ever heard the phrase â€Å"you are what you eat†? It may be a well-worn clichà ©, but it still contains an important point: your diet is a reflection of your behavior, habits, and routine, which all go a long way into how you operate in other facets of your life- including your career and professional pursuits. It’s true: looking at someone’s diet can give you a real glimpse into the rest of his or her life. According to a recent article by Entrepreneur, a good diet powers a strong mind, serves to properly fuel you as you pursue your daily goals, and helps boost your focus, memory, and sharpness. So, if you’re looking to get on the fast track to success, why not try to follow in the footsteps of someone who has already made it there?You couldn’t choose a more successful person to focus on than Warren Buffet, legendary investor and one of the world’s wealthiest individuals. It can be a challenge to quickly pinpoint why Buffet has ac hieved such stratospheric levels of success in a field where so many others have tried and failed, but perhaps a glimpse into his eating habits might help shed some light. Keep reading!It may surprise you that Warren Buffet is a self-proclaimed junk food junky. It’s true- when asked, he has no problem jokingly telling others that he has the diet of a typical six-year-old. Sugary sodas, processed meals, and snack foods that would not be considered â€Å"nutritious† factor largely into his daily eating routine. Not exactly what the average nutritionist would endorse if you want your mind and body working at their optimum levels.However, if you think this is a ringing endorsement of unhealthy eating habits and a green light for you to live on junk food in order to achieve your career goals, think again! While we aren’t saying that the secret to success lies at the bottom of a bag of potato chips or a glass of soda, there are some hidden lessons to be learned from h ow Warren Buffet makes eating choices in his life.Don’t follow trends.It’s tough to go through an entire day without hearing about the dangers of junk food and why eating all sorts of healthy meals or getting on the latest fad diets are essential for getting your life on track and keeping it there. In fact, it takes a really strong-willed person who marches to the beat of their own drummer to ignore these messages. And that’s part of what makes Buffet a success- he doesn’t follow trends when he eats or invests, he sticks to his instincts and what he knows best, and he thinks outside of the box when making decisions. You won’t see Buffet following the latest trends when he eats a meal or makes an investment decision, and not following the crowd has helped him achieve success.Pursue what you like.Buffet likes junk food and processed meals, so that’s what he reaches for when he’s hungry. Simple. His approach to life is a lot like his app roach to meal choices. He follows his passion and pleasures, one of which is investing, and it has helped him achieve sustained, long-term success over many decades. Buffet is well into his 80s and he’s still going strong!Eat quickly and get on with your life.Buffet does not spend a lot of time and effort on making complicated meal choices. When he’s hungry, he grabs something quick and close by and moves on to other more important tasks and challenges in his day. The truth is, there are a limited number of hours in a day, and successful people like Buffet would rather spend precious time working towards achieving goals than planning nutritious meals. The lesson here is make the most of your time and devote your energy towards achieving your goals.Here’s the bottom line- a diet full of junk food won’t make you an instant success like Buffet, but following the thought process he employs to various areas in his life, from food to investing, can help you ach ieve your goals. Staying focused and committed, following your instincts instead of trends, and pursuing your passion might be the right recipe for success in your life!

Ethics and decision making in financial institution Essay

Ethics and decision making in financial institution - Essay Example In the second part the study will understand role of business ethics and ethical decision making in context to banking industry. Although the concept of business ethics, fair and free competition, abolishment of monopolistic competition are pretty much older in comparison neo classical concepts like trade protection, corporate governance codes but surprisingly very few researcher have tried find how these implications are relevant in context to banking industry. To understand the importance of open and free competition it is essential for the researcher to analyze these concepts by using theories of economics (Misra and Arrawatia, 2012). Nature of Competition in Banking Industry In recent times, various research scholars have tried to investigate nature of competition in global banking industry with help of different concepts of economics. Modern economists have stated that conjoint impact of internationalization, liberalization and harmonization has changed the dynamics of competiti on in global banking competitions. ... their primary and only responsibility is to increase profit by using its resources whereas understanding the second strata such as doing business in open and free competition environment without engaging in deception and frauds (Cheng, 2011). There is no doubt the world has changed a lot from the time Milton Friedman defined the responsibility of managers. In twenty first century, the world has seen many of the major financial scams, financial frauds, unethical competitions hence it is necessary to analyze the viewpoint of Milton in context modern business world. Now the fact is that, research scholars have raised question over the assumption of Milton Friedman in context to banking industry. For example, competition in banking sector has been created due to multitude of factors such as financial markets deregulation, liberalization, consolidation, merger between various financial institutions etc hence it will not be justifiable to take a unilateral approach to analyze the level of competition in banking sector. The study will take help of research works of eminent research scholars such as Bresnahan (1982) to understand competition theories in context to banking sector. According to Bresnahan (1982), market power of a bank is should be analyzed with the help of mark-up of price instead of marginal cost of a particular bank. The proposed model was based on two equations such as supply equation and inverse demand equation in context to first order profit maximization (Misra and Arrawatia, 2012). Shaffer (1993) has found that North American banks were competitive during 1965 to 1990 when the market was consolidated in nature. In that period, few North American banks competed in partially monopolistic competition environment where they had created entry barrier for

Herbert Henry Asquith Essay Example | Topics and Well Written Essays - 1500 words

Herbert Henry Asquith - Essay Example As Prime Minister Asquith worked closely with his successor as Chancellor of the Exchequer, David Lloyd George to push through the Liberal social reform policies. The People’s Budget of 1909 had shown the government’s reforming credentials yet forced two general elections during 1910 (James, 2003 p. 88). Asquith had not had an easy time as Prime Minister yet had previously maintained the loyalty of the Liberal Party through the various problems faced before his replacement by Lloyd George. The Liberal government had been through enough traumas before the First World War. Disruption was caused through the issues of reducing the power of the House of Lords, dealing with industrial unrest, and votes for women, although the war itself put those issues and the more controversial moves towards Irish home rule on hold for the duration (Schama, 2002 p. 433). Although David Lloyd George was known to be ambitious, he had not from the outset of the First World War planned to oust Asquith and become Prime Minister himself. At the start of the conflict, Asquith and Lloyd George had been united as to Britain’s war aims and that Asquith was the best available Prime Minister. Neither man, for instance, had thought about making peace with Germany, instead of waiting for the outcome of the Somme offensive in 1916 (Stevenson, 2004 p. 148). In the source Stevenson argues that Lloyd George wished to become Prime Minister to help the nation win the war, to add a sense of urgency in the solving of political, military, and economic obstacles that were preventing British victory. Lloyd George’s ambitions are played down whilst the stubbornness of Asquith in refusing to step down is stressed. Asquith was assumed to be selfishly holding on to power to the detriment of the Liberal party’s future and British national interests (Taylor, p . 128).

WE 1 & 2CRJ 520 Essay Example | Topics and Well Written Essays - 250 words

WE 1 & 2CRJ 520 - Essay Example Different individuals are required by the law to go for counseling sessions while others are ordered by doctors when their health is wanting due to increased consumption of drugs and thus the need to deter them, rehabilitation, incapacitation and retribution. Through deterrence, criminals are deterred from their actions and thus the criminal justice system using harsh penalties to try and deter them from engaging in criminal related issues. On the other hand, retribution justifies the punishment and thus the criminals are punished for their wrong deed to the society so that a repeat for the same will never be conducted. Rehabilitation ensures that through counseling and guidance transformation of individuals is achieved while incapacitation ensures that the criminal will be behind the bars for a period of time so that one will not commit crime again. When individuals are behind the bars serving for the criminal offence that was conducted, some may transform and others get worse and they will do anything so that they can be incapacitated again. The high numbers of individuals who are behind the bars are mothers and fathers who are serving in different prisons thus not carrying their responsibilities. The gap between the father and mother figure is important in the growth and development of child thus the trend will continue of incapacitation which is expensive to the government and to the society. Though incapacitation is seen as the only method to deal with criminals it can not solve the problem rather it will be continuous trend from generation to generations. Due to high number of criminals in the society, the government is building a lot of prisons so that they can isolate the criminals from the society. The government is using millions of dollars to construct prisons using taxpayer’s money which would be used to stabilize the economy and support

Effect of Culture in the Formulation of Marketing Strategies

Effect of Culture in the Formulation of Marketing Strategies Introduction As a student of business administration and having experienced the multicultural cosmopolitan life in London, U.K., marketing strategies of various multinational companies have always intrigued me. These marketing strategies are more challenging for small and medium sized enterprises. Hence I am motivated to research on various marketing strategies focussing on Culture to determine how well an organization working under stressful economical conditions can formulate successful marketing strategies. After careful research and study small and medium sized enterprises can focus their marketing by understanding how culture influences consumer psychology. Consumers are influences by various external factors like demographics, age, geographical location and culture is an outside influence on the consumer. According to Professor Lars Perner of Marshall School of Business the study of psychology of how the consumer is influenced by his or her environment is important for companies to improve their marketing strategies. (Perner) By understand culture, we can develop and better streamline marketing strategies/campaings to reach the customers more efficiently and aggresively. Aims The aim of the research effort is to better understand consumer behaviour which includes research of the buyers decision making process. It will include understanding the psychology, socio-economic background (from consumers in India) and other factors. There are two distinct influences acting on the consumer during the decision making process namely internal and external influences Internal Influences: These types of influences are caused by the consumer demographics, personal lifestyles, educational qualifications, financial conditions etc. External Influences: The outside factors that act on the consumer are referred as external influences. These are caused by culture and sub-culture, geographical location, gender, ethnicity and social class. As mentioned earlier Culture plays an important role in the consumer decision making process and the aim of this research is to better understand and possibly provide some suggestions so that small and medium sized companies can better formulate their marketing strategies. Objectives I hope to present a clear and definite picture on how various enterprises can attain better financial results by focussing and developing marketing strategies which are inclusive of all cultures, sub cultures and consumer social classes. By explaining consumer behaviour more clearly and making it adaptive to our fast changing economical and financial situation I hope to provide solutions for marketing successfully including possible consumer research methods. I would like to use the survey mentioned in the methodology section to understand consumer behaviour. Due to my inability to reach out to consumer/survey volunteers in U.K. and/or USA I might restrict my findings to India but I would hopefully be able to support my solutions using use cases of already successful marketing strategies. Literature Review Following globalization regional small and medium sized companies in India, USA and the UK are under increased pressure to formulate better marketing strategies. In India dimensions of marketing are fast changing. As literacy rate is increasing there is increased consumer awareness. Therefore industries face new challenges. Retail markets are now flooded with retail chains posing serious threat to traditional businesses. Consumers are now experiencing elevated service level as service sector is adopting market-focussed approach. These fast changing scenario is creating lot of changes are expected to take at a fast pace. In this context, it is important for small and medium sized enterprises for adopt and change rapidly. Changes come at a price and are not easily acceptable. It is my effort to provide struggling firms to follow simple steps to design efficient marketing strategies. Marketing is the key for successful businesses. My knowledge about different marketing strategies and related topics is based on my review of available research papers and books written by economists and philosophers. My research concludes with books and websites on consumer behaviour. I have also researched and understood the role of culture and subculture based on my finding and hope to bring a new perspective in formulating marketing strategies for small and medium sized enterprises. Lars E. Perner and is Professor of Clinical Marketing with University of South Carolina, USA. He motivates me with his research available on the web at http://www.consumerpsychologist.com/. In the introduction to Psychology of Marketing he presents some ideas which I have tried to explain further using additional references based on my research which are duly referenced in bibliography section. His work helped me build the foundation of this thesis. Consumer should be the centre and possibly the only point of focus of any marketing campaign. Perner briefly describes the role of culture and subculture. Though it should be understood from a different perspective for Indian enterprises, some of the thoughts can be applied generally. The idea that subcultures in India have distinct identity and can be identified uniquely from their heterogeneous group forms a major challenge for marketers. In the section Formulating Marketing Strategies, I have described in detail how one can ensure to include different major and minor motives that at acting on the consumer during the decision making process to design good and appealing marketing campaigns. I hope that this succinct attempt will motivate and encourage readers to focus their marketing campaigns using suggested methodologies to include various segments as mentioned in the Consumer Culture and Subculture section. Another primary source of my research and motivation is a book written by Matin Khan. It was published in 2006 and presents a perfect picture about Indian consumers and their influences. After reading this book, I have realized that it is very challenging to completely understand Indian consumers at any point. Yet, the complexity is resolved when they are segmented based on factors like geographical location and dialect. There are more factors which are useful in market segmentation and I have listed them under the section Application of Consumer Behaviour Information of my thesis. In his book Consumer Behaviour and Advertising Management, Khan discusses about consumer behaviour and its importance for companies. He writes in detail about its application and market analysis. In the chapter 2 Psychographic or Lifestyle Segmentation Khan writes in detail about Indias family structure and how marketers can use the familys socio-cultural behaviour in their favour in defining winning marke ting strategies. I am an Indian and Matin Khan helps me explore my heritage and culture by carefully exploring the hidden motives that influence my decision making process when I try to purchase any asset for my family. In his chapter Concept of Culture and Subculture, Khan made an attempt to draw a parallel and to find common characteristics amongst different Indian cultures and subcultures. My research however has helped me conclude that culture and subculture are in changing continuously and their likeliness and differences will vary from time to time. Hence, marketing strategies based on common characteristics in subcultures may not be relevant throughout the tenure of the product. In such scenarios, the strategies have to be evaluated time to time and changed accordingly. In order to further understand consumer behaviour I have further researched Ray Wrights book called Consumer Behaviour. Wright writes in detail about buyer behaviour. Examining the study of consumer behaviour is important to demonstrate the roles of customer and the market economy in designing successful marketing campaigns. Firms should compare, evaluate and analyze to relate consumer behaviour and natural and social sciences. It is necessary to individually research all the factors that influence the consumers decision making process. India is now a part of the World Trade Organization (WTO) and with Capitalism dominating all the leading economies of the world; it is becoming challenging for Indian firms to adjust to the pricing provided by the Chinese counterparts. However, the idea of swades [1] is becoming more and more relevant to Indias educated classes. Hence, there is an opportunity to design marketing strategies which exploit this consumer behaviour to increase market shar e and product line-up. The societal benefits includes adaptation and reengineering of various industrial equipment imported by India for its growing economy as the rules relating to intellectual property are not yet clearly defined and implemented by Indian legislation. Though this might change (I do not condone), it is worth mentioning how Indian companies have adapted and to sudden changes in customer behaviour following liberalisation of Indian economy. Wright also explains about the consumers central position within the free market system. India is not yet a product driven market[2] and therefore marketing campaigns designed for various countries may not be equally appealing to Indian consumers. After carefully designed marketing strategies are rolled out, it is important to maintain and sustain those efforts. Hence, marketing management small companies will have to look into as well. Robert D. Hisrich is a Garvin Professor of Global Entrepreneurship and writes about the challenges in managing marketing in his book Marketing. He writes in detail about various methods in marketing research, packaging, pricing scenarios, best practices in advertising and distribution. This secondary source is very essential to enhance my understanding of stages of marketing after strategies are rolled out. In various aptly laid out chapters, Hisrich discusses the small and medium sized industries and external marketing environment affecting them. Effective planning is super important. This book provides supporting information for my thoughts in market segmentation. Unfortunately, this book is published in the USA and does not consider Indian market scenario. Therefore, I have used this book a s a secondary reference. My emphasis for market segmentation can is extension of the information provided in Analyzing Markets and Target Marketing. This book has enhanced my understanding of consumer behaviour from business intelligence perspective. It has expanded the role of marketing by focussing only on the behaviour of the consumer. As a reader I am presented with insightful information that makes me wonder if I should keep track of every consumer motive to design better marketing solutions. Hisrich explains in detail about theoretical models in understanding consumer behaviour. This includes Stimulus-Response Model Learning Model. It is based on the sequential placement of the research steps like drive, motivation, stimuli, cu[3]e and response to fulfil consumer needs. In the psychoanalytic model we make an attempt to understand the complex consumer motives. Within one segmented market and for each product there exist different groups who buy the product for satisfying diffe rent needs. Some buy it for functional requirements and some for symbolic concerns. Maslows hierarchy of needs theory also explains how the needs of human beings can be categorized into physical, sociological and the self-actualization. Indian consumers are now starting to think more rationally on the lines of western consumers. They make decisions based on rationally perceived self-interests. They have range of products from Indian and foreign manufacturers and given the limited amount of money for attaining satisfaction by attempting to satisfy only limited number of wants from many needs. Indian firms, therefore, should make efforts to maximize these demands as mentioned in the book as utility maximization. Having understood the influences on the consumer, it is important to understand the Indian market and how it is different from the economies of the west. The biggest contrast is that companies outside India create a demand rather than responding to it. Unlike the west, Indian manufacturers are very quick to get into the market and exit as rapidly as shown by traders and their traditional trading mentality. Foreign companies should have a strong basis for understanding Indian domestic market. It will ensure they are able to best penetrate it. Indians are more welcoming to new ideas and approaches. The consumers are reasonably receptive and reasonably enthusiastic. More comparisons about western and Indian consumers are explained in detail using case studies in Paul Daviess New Business in India. In a guide to marketing in India, Davies has insights of an economist and the discourse of a writer. He writes about the Indian feeling about competition from China which is accounting for st range consumer behaviour. Such behaviour is making domestic Indian firms start thinking about hurdles while entering the Indian market. They are too high and very risky. Yet there is a opportunity to explore. Davies poses questions about Indian market to prospective firms in India, questions to ask yourself (while entering Indian market) are the one of whether you can either complement Indian businesses or offer a competitive position that will enable you to establish your business. Putting this in context of my example of Maruti Suzuki, though Maruti hold the key position since 1984, Hyundai Motors India Limited (HMIL) was successfully able to offer consumers with its Santro model, and has gain prominent market share. As of 2009, HMIL became the second largest automobile manufacturer and largest exporter of automobiles in India[4]. Similarly, scores of life insurance companies are setting up franchises to cater the needs of demanding Indian consumers. Indian manufacturers need to have some competitive edge over their competitors to capture and expand their market share. It is my effort to provide some guidelines and suggestions so that they can adapt accordingly. For traditional Indian businesses it is important to understand their areas of competitive advantages. India has vast amount of natural resources. According to P.N. Mari Bhatt in Indian Demographic Scenario 2025, Institute of Economic Growth, New Delhi, there will be more than 882 million people in the age group of 15-64 years. The age of retirement in India is 64 years. So the workforce will near one billion Indians. Therefore I conclude that Indians to have superior skills, specialized knowledge, customer orientation, trade relationships and technical expertise. Indias abundant resources are made of extensive coverage, economies of large scales, availability of global financing schemes, and ease of foreign direct investments (FDI). This together with current cost and in tellectual property niche gives Indian manufacturers head start and leading ground. In the fifth edition of Marketing Book, the author Michael Baker makes these subtle rules for start-ups very evident. He includes notes and commentary on increasing focus on channel management, CRM, direct marketing, E-Marketing and communication integration. Indian manufacturers should also understand and develop methods to differentiate their products by providing superior product quality, more functionalities, impeccable after sales service, and wider range as discussed in the section Indian Consumer Characteristics of this thesis. Even for Indian manufacturers understanding the environment is the key to success. Constantly changing political scenario takes constant adjustments within the company to accommodate and comply with changing rules. Formal marketing audits should be carried out for market size and potential, customer behaviour, segmentation and supply channels. They should understand com petitors and should not assume their behaviour. There could be direct competitors, potential competitors, and their strengths and weaknesses. Side by product comparison helps in new design ideas. They should re-evaluate their own products and market position which will enable to compete aggressively. One of the biggest mistakes done by firms is their strategies and priorities are constantly changing and setting clear strategic priorities is necessary for continuous growth. Finally with products comes customer orientation. Baker writes (Companies should) develop customer orientation in all function. Ensure that every function understands that they are there to serve the customer, not their own functional interests. This applies best to all small and medium sized enterprises. They should focus on key indicators for performance and audit those often. Also in the same context it is implied that study of market needs market research. As a supporting document to my knowledge I have reviewed Introducing Market Research written by Paul Baines and Bal Chansarkar of Middlesex University Business School. After reading introduction I am now able to better articulate the marketing research and am able to appreciate the role that marketing research plays. In the chapters ahead, Baines and Chansarkar help me decide what and who should conduct marketing research for small and medium sized enterprises in the Indian market conditions. One common mistake firms in India repeatedly do is not being able to distinguish clearly between marketing research and market research. Market research is the research of the markets. Marketing research deals with analysis of marketing process. After market and marketing research it is time for strategic planning, which uses all the information collected during research. Strategic planning has five important elements; Product Strategy, Offer Strategy, Media Strategy, Distribution Strategy and Creative Strategies. India has Growing number of internet shoppers who necessitate small businesses to adapt these strategies in their favour. Edward L. Nashs Direct Marketing: Strategy, Planning, Execution is a great reference to understand each of these strategies. In its fourth edition, Nash explains how businesses can use internet and global marketing strategies to capture ground in this competitive marketplace. Internet is the newest form of direct marketing. Relying solely on the media can be catastrophic. Following the principles of strategic direct marketing we can create successful campaigns for any product and in any segment of market in India or any other country of the work. But it is very important to have a strategy clea rly defined. Earlier in India there was no co-ordination between product development team and the marketing team. The product development team rarely took information about the end user and the marketing team was responsible for selling it. Today, it is just the reverse. Product development teams are instructed to find products that can be marketed easily. The author takes example of Dell and Apple who allow users to configure the computers they would like to buy. The consumers tell the manufacturers what they want and it is made for them rather than buying preconfigured computers available in the market. This gives them the competitive advantage and greater market share. Something similar needs to happen in India. The author presents small businesses with retailing opportunity using the internet. There are many advantages associated with letting consumers buy products online. The physical store can be smaller but the online store can be vast with products that can be delivered just in time. Unlike traditional businesses where the consumers/end users are restricted, online shopping portals do not have geographical restriction. The online store is open almost all the time. Unlike physical stores, online portals can get a makeover almost instantly appealing to masses. It is very easy to gather consumer information as it is not a hassle when the shopping is being done online. Growing number of companies in India are switching to this model because of high cost of running physical stores. After speaking to business owners in Hyderabad and Kamareddy cities of Andhra Pradesh, India I have realized that businesses are looking for to a clearly and planned guide to marketing plan which is customized for them. Robert E Stevens, PhD is a Professor of Management and Marketing at University of Louisiana at Monroe. Along with his colleague David Loudan, PhD and Bruce Wrenn have collaborated to compose a Marketing Planning Guide. The book lays out step by step, wizard like actions for marketing planning. It introduces plannings importance in any organization and the formal marketing planning process. It has organizational considerations while marketing planning (organizational purpose, objectives and strategies, a look and current organizations structure, and market responsiveness). It introduces Indian businesses to database marketing planning using Hyundai Motor Company as an example. Types of data that we should keep information on and decision making process are well illustr ated. It also has steps one should have in any marketing research project. From the market analysis perspective we have to ensure thorough situational analysis, which has strategic implications of product and market analysis including sales and costs analysis of the product versus its competitor. As mentioned in my analysis, Professor Stevens lays strong emphasis on consumer analysis using market segmentation, lifestyle segmentation and introduces Market Grid Analysis to the small and medium enterprises. He also writes in detail about competitive analysis for establishing competitive advantage which is also discussed by Michael Baker. With increasing power to spend, Indias market is constantly increasing which gives every company an opportunity to succeed. An opportunity analysis should be carefully conducted identifying potential problems and opportunities. There exist internal and other risk factors that need to be considered. Companies should used data from situation analysis to set clear objectives for marketing. Companies should develop a strategy and also evaluate alternate marketing strategies. They should also evaluate other factors influencing the selected strategy. For manufacturers who offer variety of products, different product related decisions should also be made during marketing mix. Different product positioning strategies and quality based marketing should be initiated. Service strategy should be implemented and evaluated often. Improving customer service is the key to changing customers perception about the company. If the existing products need a makeover or change, relevant product line decisions should be taken. Distribution channels should be carefully selected and promotion decisions should be made only on the basis of target audience. Media and promotional media decisions should not be made without proper cause. For companies competing with Chinese manufacturers pricing also plays an important role in changing customers perspective about the company. Professor Stevens writes about penetration pricing and skimming pricing for making pricing decisions for new products. In designing successful marketing systems, companies should focus on the following four subsystems (departments) within the organization Organizational System: The super system which binds all other systems together and coordinates the interaction of all other systems. Marketing Planning System: This department identifies opportunities for marketing and should create consumer oriented plans. Marketing Control System: This system will monitor and audit performance of marketing plans to ensure marketing objectives are being met. Marketing Information System: This provides decision making information and data to all other departments of the company. Richard L. Sandhusen explains the importance of these systems in his book Marketing and explains why organization system harmonizes marketing efforts. It is because the organization system has infrastructure in which marketing analysis, marketing planning, implementation and controls can be efficiently coordinated. These can be customized for small and medium sized industries we have can more one or group of persons performing multiple tasks. These tasks should be divided once the company starts to grow. This books also talks about product design. The main consideration in product design is consumer preference. Companies should design what consumers want. Indian consumers are now expecting world class safety features in the cars they buy. Almost every car manufacturer now offers cars with air bags, and side impact bar. All those who were reluctant to offer have dealt serious loses. The main criterion for product competitiveness and profitability is pricing. Cost of labour and materia ls should be carefully used in the price of the product. Products should also be designed for compatibility as well. India is a large country with varied geographical and environmental constraints. There are different climates, and different measurements systems which should be considered during product design. The study of Indian marketing environment can never be adequate due to constantly changing dimensions. There are the forces that marketing managers should use to create and plan organization objectives. For Indian companies, microenvironment [Sandhusen, 2000][6] is the force that affects the ability of the company to serve its customers better than its competitors. The macroenvironment [Sandhusen, 2000][6] influence the microenvironment due to politics, economy, and changing culture and subculture. Finally, the game changing role is played by considering distribution systems. Unlike USA and UK, roadway and railway infrastructure is not very well maintained. Companies should make use of channel systems. In India, logistics are becoming the biggest deterrent to appealing marketing campaigns. Logistics requires material management and product distribution (packaging, transportation, storage, and inventory management) for bring products to the end users. These functions are interrelated. Indian companies should adopt structuring logistics into material management and product distribution for efficient logistics. If possible separate department should be created with greater communication between them. Sandhusen writes about the importance of logistics in marketing planning, and mentions marketing planning can be measured by a number of costly concerns: transportation, storage costs, number of (intermediate) channels in logistics, costs, etc. Methodology The primary aim of this research is to emphasize the impact of culture on marketing strategies for small and medium sized enterprises. Unlike large sized companies, small and medium enterprises face increased competition due to inadequate resources including capital, human resources and strategic assets. To better communicate with their target customer group the small and medium sized enterprises use various techniques in exploring existing or newer markets. I would like to limit my focus to the efforts in understanding the cultural impact on those marketing strategies and, to provide better solutions I would like to refer to the following ways of collecting information. The primary source of my research is books, magazines, historical articles and, other information available in hard copy. All references will be duly mentioned in the bibliography section. Information available on internet and white papers. While most of the information and statistics available on the web cannot be collaborated with strong facts, it secondary source of information which will act as supporting data for the information I would collect by preliminary research using books, journals and government provided economic data. Also, I would like to survey the existing marketing campaigns to find similarities and differences between different small sized enterprises. As the emphasis is on culture, I cannot limit my research to UK alone and would like to extend my survey to other countries including USA and India. The research poll will include a short questionnaire which can be an online survey and or a hand written copy. I would like to provide a parallel between the current trends in marketing strategies and the general opinion from the research poll. Though it is possible that there might be a difference in them, it is still valid as this effort is to better understand and streamline marketing. A sample questionnaire is enclosed for reference. Sample questions from research survey: 1. What is your age group? Answer choices: a. Between 18-24 b. Between 25-34 c. Between 34-44 d. Between 45-54 e. Between 55-54 f. Over 65 2. What is your gender? Answer choices: 3. Answer choices: a. UK b. U.S.A c. India 4a. For respondents in U.K. Do you feel London is an example of cross cultural metropolitan? Answer choices: a. Yes b. No 4b. If the answer is â€Å"yes† to question number 4a. Have you ever felt any commercial is particularly offensive to your culture/background? Answer choices: a. Yes b. No 5. If the answer is â€Å"no† to question number 4b. Will you be interested in purchasing a product of Company A if its marketing commercials portrays your culture/background in a positive way? Answer choices: a. Yes b. No 6. Have you recently been motivated to buy any product because its advertisement if inclusive and portrays your culture positively? Answer choices: a. Yes b. No 6b. If the answer is â€Å"yes† to the question number 6. Please mention the company name, product name and category if applicable. Answer choices: a. b. c. 1 What is your age group? a. Between 18-24 b. Between 25-34> c. Between 34-44 d. Between 45-54 e. Between 55-54 f. Over 65 2. What is your gender? a. Male b. Female 3. What is your primary country of residence? a. UK b. U.S.A c. India 4.a. For respondents in U.K.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Do you feel London is an example of cross cultural metropolitan? a. Yes b. No 4.b. If the answer is â€Å"yes† to question number 4a.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Have you ever felt any commercial is particularly offensive to your culture/background? a. Yes b. No 5. If the answer is â€Å"no† to ques

Causes of Dictatorship in Russia :: Russian Russia History

Causes of Dictatorship in Russia Around the 20th century, the end of the First World War cleared the way for the formation of democratic regimes. Why they had not been successful, why the people didn't use the opportunity to establish a democratic political system and why did the dictatorships appear, is still unclear, but it is a very discussible subject. The decisive role in these processes was the human being. It was the object of the cause, but on the other hand he was also the subject - executor of all the problems as well. The First World War was expected to be short, with a quick triumph on either side. On the contrary, the war caused a giant massacre to all the countries involved, and lasted for four years. Also against the expectations of political leaders and military commanders new techniques of fighting were used, as well as new weapons (for example the chloric gas, tanks and aircrafts). Due to all this, 13 million people were killed, of which 2 million were Germans, 1.75 million Russians, 1.5 million Frenchmen, 1 million British and 0.5 million Italians. But death was just one of the worst consequences of the First World War. Just military failures on the fronts, along with other problems directly affected internal politics in a great way. This horrible catastrophe also left most of the countries in huge debts, especially Germany, Austria, Hungary, Russia, and many others. This led to poverty and chaos, and the people were suffering. That is why they started to revolt, but the political system w as so exhausted after the war that it didn't do anything to solve this. The effects of the war sped up the changes. It is an arguable fact, whether the war also had a liberating effect. If it did, it was greatly affected by the downfall of three empires, the Austro-Hungarian Empire, Tsarist Russia and Keiser's Germany. In Russia the tsar abdicated and was replaced by the Provisional Government, but it only took 8 months and Russia moved from autocracy to communism. It is true that this downfall separated and freed different ethnic groups like Czechs and Slovaks, Serbs, etc. who had been a part of the Austro-Hungarian Empire, because these ethnic groups did get their independent states with democratic constitutions. Land was taken from the aristocrats and distributed to the peasants. The workmen got better conditions to work in, for example bigger salaries, less working time, social securities and so on.

Technology Changes in 1850-1900s

The American economy has boosted, in such a way where positive and negative impacts can reflect on how the society is handled and seen as. New political ideas and inventions come to place, and our economy starts to shift and handle bigger changes. As a result, America used and developed new customs to help progress and grow to our necessities. One of the greatest impacts of technological inventions was the railroad. Railroads were the nation’s first â€Å"big business† and was a source of rapid transportation. Resources needed to build the nationwide network of railroads led to growth in other industries, for example, the coal and steel network.By making the technological changes, it increased and branched off into new jobs and products. For example, the railroads allowed farmers to sell their crops to a larger market, yet the railroads were more powerful than individual farmers or farm collectives. They were able to charge the farmers large fees, expenses that farmers barely had enough to cover, in order to transport their goods throughout the expansive country. Much of the technology was either expensive and/or needed large spaces to work effectively and sufficiently. Similar essay: Was the West a Land of Opportunity or Oppression?In order to promote western expansion, the federal government provided railroad companies with huge subsidies in the form of loans and land grants. Around 80 companies received over 170 million acres of public land and the railroad companies received more than three times the land given away by the Homestead Act. This was when they were offering 160 acres of land free to any citizen who was head of the household. This expanded land ownership and attracted foreigners to settle in these areas. Another huge invention which impacted the lives of people communicating across the country.This invention was called the Telegraph, created by Samuel Morse in 1844. By 1900 telegraph lines linked all continents in a global network of cables. This helped the communication travel around and when wars struck, they were able to stay in contact. The invention of the telegraph branched off to a new invention of the telephone, invented by A lexander Graham Bell in 1876. It opened the way for a worldwide communications network. The economic ideas of Laissez-faire capitalism and Social Darwinism, contributed to the rapid industrialization of the late 1800’s.Economists found in Social Darwinism, a way to justify the doctrine of laissez faire. Laissez-faire capitalism argued that business should not be regulated by the government and that they should be regulated by supply and demand. They would also offer goods at low prices and out of their self-interest. In the 1880’s trusts and monopolies started to undercut the natural regulation of the market. The second economic idea of Social Darwinism was based on Darwin’s theory of natural selection. This theory of natural selection and survival applied to the standards of the business world.

Marx and Durkheim agreed about the nature of the problems of industrial capitalist society but disagreed about their cause and solution Essay Example

Marx and Durkheim agreed about the nature of the problems of industrial capitalist society but disagreed about their cause and solution Essay Example Marx and Durkheim agreed about the nature of the problems of industrial capitalist society but disagreed about their cause and solution Paper Marx and Durkheim agreed about the nature of the problems of industrial capitalist society but disagreed about their cause and solution Paper Essay Topic: Sociology Emile Durkheim (1858-1917) was a French, arguably quintessential, sociologist with his assertions that society sui generis is the subject matter of sociology. Treat social facts as things is a famous dictum of Durkheim by which he means social phenomena is an objective realm, external to individuals. Social facts are ways of acting, thinking or feeling that are external to individuals, having their own reality outside the perceptions and lives of individuals (Giddens, 2001, p9). These social facts exercise a coercive power over individuals. Durkheim considered sociology as a new science. By examining traditional philosophical questions empirically, sociology could be used to elucidate these questions. Durkheim was intensely concerned about the social pathology of contemporary industrial society (Anderson et al, 1987, p47). Durkheim was also particularly interested in social and moral solidarity and so studied what holds society together and what keeps society from descending into chaos. Durkheim approached modernity and the industrial revolution through the study of the division of labour (LaCapra, 1972, p82). In 1893 Durkheim wrote his first major works, The Division of Labour in Society in which he contrasted mechanical and organic solidarity and related them to the growth of distinctions between different occupations the division of labour. Durkheim argued that primitive societies were characterised by a mechanical solidarity with a limited division of labour. Social solidarity was based on shared values, all individuals performed similar tasks and were bound together by a common collective conscience. After a gradual move towards an organic society with an advanced division of labour, individuals had different occupational roles and social solidarity was based on moral individualism and cultural pluralism. Social integration was based upon the division of labour. Although Durkheim rejected ideas of both Comte and Saint-Simon, Durkheim did believe that the organic division of labour could provide the basis for individual freedom and social co-operation if the pathological features of contemporary society were eliminated (Anderson et al, 1987, p47). Durkheim introduced the concept of anomie to sociology, which literally means without norms. Anomie exists when society fails to provide a limiting framework of social norms, resulting in unhappiness and social disorders. Durkheim aimed to establish sociology as a science and to establish the requirements to maintain social order in modern societies. After witnessing the growth of industrial production and the inequalities that resulted from this growth, Karl Marx (1818-1883) sought to explain the changes that were occurring in society during the Industrial Revolution era. Marx saw the new and old societies, capitalism and feudalism, in stark contrast. Feudalism was based on the agricultural, rural society, the opposite of industrial capitalist society. Industrial capitalism is dominated by the market. In the production of goods for the market their intrinsic worth plays little part; the worth of any commodity is its exchange value. Everything in society is dominated by the cash nexus, including labour which becomes another commodity to be bought and sold (Anderson et al, 1987, p5). Marx argued that the capitalist property-owners form a ruling class, whom Marx called the bourgeoisie, employers of wage-labour, the property-less working class, whom Marx labelled the proletariat. As industrialisation developed, large numbers of peasants moved to expanding cities and so aided the formation of an urban-based industrial working class. The middle class of merchants and manufacturers (or capitalists) were bourgeois, as distinguished from the remnant of the feudal class, from the proletariat of industrial labourers, and from the peasantry (Smelser et al, 1976, p54). Marx argued that Capitalism is inherently a class system in which class relations are characterised by conflict (Giddens, 2001, p12). In Marxs view, the bourgeoisie were able to generate profit by exploiting the proletariat through oppressive devaluation of skilled labour and its experience. Ultimately, for Marx, this led to alienation the degradation of the workers to become a most miserable sort of commodity whose misery is in inverse proportion to the power and size of his production (Marx, 1848, p77). This commodity would become the social class, called the proletariat by Marx. Labour was organised solely with regard to efficiency and the pursuit of profit. These factors led to inequalities of the working class which increased dramatically the gap between the capitalists and the working class, as well as the wealth and lifestyles of property-owners. Shopkeepers, independent craftsmen and so on were undermined as capitalist production developed a competitive appetite. Marx claimed that it is not acquisitive and competitive individuals who produce capitalist society. It is capitalist society that produces competitive and acquisitive individuals (Hughes et al, 1995). Marx and Durkheim often had conflicting ideas. However, they did share similar views about some sociological ideas. Both believed that scientifically based knowledge of society could be used to improve the conditions of humanity. Both believed their task was to discover the laws that governed the organisation of the social order and draw parallels with the ways in which the natural sciences had revealed the laws of nature. When looking at the nature of the problems of industrial capitalist society, Marx and Durkheim share the argument that the individual and collective were in opposition to one another. They both believed that the individual is a naturally self-interested being which flourished only when exempt from any kind of control by society was a manifestation of modern society and, indeed, of the most pathological features of that society (Anderson et al, 1987, p132). Marx and Durkheim both viewed the individual as a being with a need for society. However, Marx suggested that Man has a nature that will eventually assert and fulfil itself and will do so at the expense of a decadent social order (Smelser et al, 1976, p123). Durkheim claimed that Mans need for society is met less by substantive principles of justice and more by social ties and normative limits (Smelser et al, 1976, p123). Marx and Durkheim argued that we live in societies, called organic by Durkheim and capitalist by Marx, in which people are increasingly, individually, able to do what they want to do but less and less part of social groups. The idea that people should be free from external constraint was opposed by neither Durkheim nor Marx but both believe that in modern societies, extreme freedom can be a bad thing for the individual. Marx and Durkheim tried to disclose the concept of freedom of the individual in western societies of the nineteenth century as an illusion. The freedom of the individual was, Marx argued, only apparent, a superficial kind of freedom (Anderson et al, 1987, p132). Although Marx and Durkheim showed agreement about the problems of industrial capitalist society they disagreed about the causes, as we have seen, and solutions, of this society. Durkheim displayed a particular avoidance of much of Marxs work. Durkheim did relatively little to build upon the integration with the work of Marx. The Marx whom Durkheim particularly abhorred was the Marx who advocated class conflict and violent revolution in modern society (LaCapra, 1972, p23). Durkheim believed that the conception of modern society proceeded through a pathological state of rapid transition, developing into normality. Durkheim was optimistic that modern society possessed the ability to resolve the severe problems produced by industrial capitalist society. Like the political and social theorist Rousseau, Marx desired a means to vanquish the inequalities and divisions of the society of his time and to constitute a true community. In place of the old bourgeois society, with its classes and class antagonisms, we shall have an association, in which the free development of each is the condition for the free development of all (Marx, 1848, p31). Marx, also like Rousseau, pinpointed the obstacle to attainment in the circumstantially developed divisions among people, particularly the division of labour. Marx argued that social change is primarily prompted by economic influences. Class conflicts provide the drive for historical development and change. Marx called this idea the materialist conception of history. The history of all hitherto existing society is the history of class struggles (Marx, 1848, p222). In accordance with his view of history, Marx argued that just like the bourgeois had united to abolish the feudal society, so too would the bourgeois be ousted and a new society installed. Marx believed that the proletariat would develop the capacity and the will overtime to revolt, resulting in the downfall of the capitalist system. This would enable a new society to evolve in which there would be no classes and so no vast divisions between rich and poor. Marx believed that inequalities would no longer contain the split of the mass of the population that were exploited by the ruling class who, in their small minority, monopolised the economical and political power. The revolution that would overthrow capitalism would lead to communism. This political ideology, derived from socialism, aimed to create a society in which private productive property, social classes and the state are absent. With the revolutionary defeat of capitalism, Marx envisaged the emergence of socialist societies in which the state would still play a role but only with the transformation of all property relations. Whereas Marx saw the solution to social problems in terms of direct political actions, Durkheim took a more Clinician-cum-managerialist view by emphasising the effective treatment of the pathological conditions which can afflict society through the deliberate reorganisation of its institutions (Hughes et al, 1995). Durkheim believed modern society would naturally evolve in the direction of normality, certainly without violent revolution (LaCapra, 1973, p22). Durkheim argues that individuals need to integrate forms of behaviour. Individuals now pursue varied lines of work, are not self-sufficient and must engage in multiple exchanges with others. The mechanical society, where individuals performed similar tasks and experienced shared values, is not enough for the individual, who wants to pursue different roles and experience freedom to do what the individual wants to do. The view of human nature held by Durkheim was that there is no natural limit to the desires, ambitions or needs of the individual. This view stands in the tradition of the English philosopher and political theorist, Thomas Hobbes. Durkheim argued that the required limits must be socially produced. Durkheims concept of anomie is a condition of society.. in which there exists little consensus, a lack of certainty on values or goals, and a loss of effectiveness in the normative and moral framework which regulates collective and individual life (Jary, 2000). Durkheim sees anomie as an abnormal social form, resulting from the failure of modern societies to move fully from a mechanical society to an organic society. What Durkheim called an anomic division of labour existed because occupations were not allocated according to skills or experience and so were obliterated. Economic activity in these societies remained unregulated by a coherent value system. Not only did Durkheim criticise the anomic character of the division of labour but also its forced and excessive character. It was forced because the inheritance of private property meant that individuals were not free to find the work most suited to their skills and talents; it was excessive because workers often had insufficient work to keep them occupied in a way that produced job satisfaction (Anderson et al, 1987, p48). Durkheim argued that these factors of the modern divisions of labour led to class conflict. Durkheims solution to the problems of industrial capitalist society was to properly regulate the division of labour. This would end class struggles, achieved through economic co-operation among modern guild associations and through the overall political and moral guidance of a liberal republican state whose power could be checked as necessary through these same guilds(Anderson et al, 1987, p48). Durkheim proposed that the organisation of intermediate groups, such as professional and occupational groups, would enable the individual to bind into the community. Both conflicting and confirming each other at various stages of their writings, Marx and Durkheim, when analysed, attract similar conclusions as to the nature of the problems of industrial capitalist societies. The theorists seem to recognise that capitalism is inevitable and both agree that inequality is the foreseeable outcome. Both Marxs and Durkheims work have attracted criticism and opposition. Marxs class analysis has been opposed for not sufficiently considering the rise of new middle class groups, or affluence. This suggests that Marxs theory of social change and revolution is wrong, although Marx never set a time scale for revolution. Durkheims work has attracted criticism for overstating general normative and social structural influences at the expense of individual agency, although it was always Durkheims intention to leave scope for the latter within his sociology (Jary, 2000). Marx developed a theory that generated specific predictions about the future of capitalism (Smelser et al, 1976, p259). Marx argued that society is a human product, that mens thinking and acting shape the social world, although he also claims that man is a social product. Marxs theory helped to shape sociology even as it was changing the world; Durkheims influence on sociology is unparalleled (Smelser et al, 1976, p70). Despite criticisms and opposing theories, Marx and Durkheim have left a major impression on the sociological world that has shaped and influenced modern sociology and its theorists.

Cost and Managment Accounting Mcqs Essays

Cost and Managment Accounting Mcqs Essays Cost and Managment Accounting Mcqs Essay Cost and Managment Accounting Mcqs Essay Fixed cost per unit decreases when: a. Production volume increases. b. Production volume decreases. c. Variable cost per unit decreases. d. Variable cost per unit increases. 2). Prime cost + Factory overhead cost is: a. Conversion cost. b. Production cost. c. Total cost. d. None of given option. 3). Find the value of purchases if Raw material consumed Rs. 90,000; Opening and closing stock of raw material is Rs. 50,000 and 30,000 respectively. a. Rs. 10,000 b. Rs. 20,000 c. Rs. 70,000 d. Rs. 1,60,000 4). If Cost of goods sold = Rs. 40,000 GP Margin = 20% of sales Calculate the Gross profit margin. a. Rs. 32,000 b. Rs. 48,000 c. Rs. 8,000 d. Rs. 10,000 5). ______________ method assumes that the goods received most recently in the stores or produced recently are the first ones to be delivered to the requisitioning department. a. FIFO b. Weighted average method c. Most recent price method d. LIFO Fill in the blanks: (5 x 1) 1). Indirect cost that is incurred in producing product or services but which can not traced in full. 2 Sunk cost is the cost that incurred or expended in the past which can not be retrieved. 3). Conversion cost = Direct Labor + FOH 4). If cost of goods sold Rs. 20,000 and Sales Rs. 50,000 then Gross Markup Rate is 150% 5). Under Perpetual system, a complete and continuous record of movement of each inventory item is maintained. 1. Cost of production report is a _________________. a. Financial statement b. Production process report c. Order sheet d. None of given option. 2. There are ___________ parts of cost of production report. a. 4 b. 5 c. 6 ( 6th is concerned with calculation of loss) d. 7 3. Which one of the organization follows the cost of production report _________________? . Textile unit b. Chartered accountant firm c. Poultry forming d. None of the given option. 4. _____________________ part of cost of production report explains the cost incurred during the process. a. Quantity schedule b. Cost accounted for as follow c. Cost charge to the department d. None of given option Solve the question 5 to 7. If units put in the process 7,000, units completed and transfer o ut 5,000. Units still in process (100% Material, 50% Conversion cost). 500 units were lost. Cost incurred during the process Material and Labor Rs. 50,000 and 60,000. 5. Find the number of units that will appear in quantity schedule a. 5,750 b. 7,000 c. 5,000 d. 6,500 6. Find the value of per unit cost of both material and conversion cost a. Material 7. 69; Conversion cost 10. 43 b. Material 7. 14; Conversion cost 10. 43 c. Material 7. 14; Conversion cost 9. 23 d. None of given option 7. Find the value of cost transferred to next department: a. Rs. 57,500 b. Rs. 50,000 c. Rs. 70,000 d. None of given option. 8. In case of second department find the increase of per unit cost in case of unit lost. Cost received from previous department is Rs. ,40,000. a. 1. 43 b. (2. 13) c. 1. 54 d. 1. 67 9. Opening work in process inventory can be calculated under a. FIFO and Average costing b. LIFO and Average costing c. FIFO and LIFO costing d. None of given option 10 _________________ needs further processing to improve its marketability. a. By product b. Joint Product c. Augmented product d. None of the given option Choose one of the best choices. 1. Jan 1; finishe d goods inventory of Manuel Company was $3, 00,000. During the year Manuel’s cost of goods sold was $19, 00,000, sales were $2, 000,000 with a 20% gross profit. Calculate cost assigned to the December 31; finished goods inventory. a. $ 4,00,000 b. $ 6,00,000 c. $ 16,00,000 d. None of given options 2. The main purpose of cost accounting is to: a. Maximize profits. b. Help in inventory valuation c. Provide information to management for decision making d. Aid in the fixation of selling price 3. The combination of direct material and direct labor is a. Total production Cost b. Prime Cost c. Conversion Cost d. Total manufacturing Cost 4. The cost expended in the past that cannot be retrieved on product or service a. Relevant Cost b. Sunk Cost c. Product Cost d. Irrelevant Cost 5. When a manufacturing process requires mostly human labor and there are widely varying wage rates among workers, what is probably the most appropriate basis of applying factory costs to work in process? a. Machine hours b. Cost of materials used c. Direct labor hours d. Direct labor dollars 6. A typical factory overhead cost is: a. distribution b. internal audit c. compensation of plant manager d. design 7. An industry that would most likely use process costing procedures is: a. tires b. home construction c. printing d. aircraft . 8. Complete the following table | |Per unit |Total | |Fixed cost |Increase |Constant | |Variable cost | | | |Total cost |Increase |Decrease | a. Constant, Decrease b. Decrease, Decrease c. Increase, Increase d. Increase, Decrease 9. The Kennedy Corporation uses Raw Material Z in a manufacturing process. Information as to balances on hand, purchases and requisitions of Raw Material Z is given below: Jan. 1 Balance: 200 lbs. @ $1. 50 08 Received 500 lbs. @ $1. 55 18 Issued 100 lbs. 25 Issued 260 lbs. 30 Received 150 lbs. @ $1. 60 If a perpetual inventory record of Raw Material Z is maintained on a FIFO basis, it will show a month end inventory of: a. $240 b. $784 c. $759 d. $767 10. A disadvantage of an hourly wage plan is that it: a. Provides no incentive for employees to achieve and maintain a high level of production. b. Is hardly ever used and is difficult to apply. c. Establishes a definite rate per hour for each employee. d. Encourages employees to sacrifice quality in order to maximize earnings. (10 x 1=10) (Question 2-a) From the following information calculate the Maximum stock level, Minimum stock level, Re-ordering level and Danger stock level;- (a) Average consumption 300 units per day (b) Maximum consumption 400 units per day (c) Minimum consumption 200 units per day (d) Re-order quantity 3,600 units (e) Re-order period 10 to 15 days (f) Emergency Re-order period 13 days (1. 254=5) Solution: Order Level = Maximum Consumption x Lead Time (maximum) = 400 x 15 = 6,000 Maximum level =Order level – (Minimum consumption x Lead time) + EOQ = 6,000 – (200 x 10) + 3,600 = 7,600 Minimum Level = Order level- (Average consumption x lead time) = 6,000 – (300 x 12. 5) = 2,250 Danger Level = Average consumption x Emergency time = 300 x 13 = 3,900 (Question 2-b) Following data are available with respect to a certain material. |Annual requirement |1200 units | |Cost to place an order |Rs 3. 0 | |Annual interest rate |5% | |Per unit cost. |Rs 5. 00 | |Annual carrying cost per unit |Rs 0. 25 | Required: 1) Economic order quantity 2) Number of orders per year 3) Frequency of orders (2+1. 5+1. 5=5) Solution: (1)EOQ= (2 x 1200 x 3/0. 25 + 5% of 5)1/2 = 120 units (2)No of order= Annual order/order size = 1200/120 = 10 (3) Frequency of orders= No of days in a year / No of order = 360/10 = 36days Find out correct option from given MCQs put your answer in above table: 1. A manufacturing company manufactures a product which passes through two departments. 10,000 units were put in process. 9,400 units were completed transferred to department-II. 400 units (1/2 complete) were in process at the end of month. Remaining 200 units were lost during processing. Costs incurred by the department were as follows: Particulars Rs. Direct Materials 19,400 Direct Labor 24,250 Factory overhead 14,550 Apportionment of the Accumulated Cost/Total Cost accounted for, for the month in CPR ____________ a. Rs. 24,250 Approximately b. Rs. 56,987 Approximately c. Rs. 58,200 Approximately d. None of the given options MCQ # 2 and 3 are based on the following data: Allied chemical company reported the following production data for its department: Particulars Units Received in from department –1 55,000 Transferred out department –3 39,500 In process (1/3 labor overhead) 10,500 All materials were put in process in Department No. 1. Costing department collected following figures for department No. 2: Particulars Rs. Unit cost received in 1. 80 Labor cost in department No. 2 27,520 Applied overhead in Department No. 2 15,480 2. Equivalent units of labor FOH are _________ a. 3,500 units b. 39,500 units c. 3,000 units d. None of the given options 3. Unit cost of lost unit after adjustment (by using any method) _________ Cost Management Accounting (mgt402) Quiz 02 Fall Semester 2007 a. Rs. 0. 64 b. Rs. 0. 36 c. Rs. 0. 18 d. None of the given options MCQ # 4, 5 and 6 are based on the following data: In Department No. 315 normal production losses are discovered at the end of process. During January 2007 following costs were charged to Department 315: Particulars Rs. Direct Materials 30,000 Direct Labor 20,000 Manufacturing overhead 10,000 Cost from preceding department 96,000 Data of production quantities is as follows: Particulars Units Received in 12,000 Transferred out 7,000 Normal Production Loss 1,000 Partly processed units in Department No. 315 were completed 50%. 4. Cost of normal loss (where normal loss is discovered at the end of process) _________: a. Rs. 14,000 b. Rs. 44,000 c. Rs. 1, 12,000 d. None of the given options 5. Equivalent units of material __________ a. 2,000 units b. 7,000 units c. 10,000 units d. None of the given options 6. Unit cost of Direct Labor__________ a. Rs. 1 b. Rs. 2 c. Rs. 3 d. None of the given options Cost Management Accounting (mgt402) Quiz 02 Fall Semester 2007 7. During January, Assembling department received 60,000 units from preceding department at a unit cost of Rs. 3. 54. Costs added in the assembly department were: Particulars Rs. Materials 41,650 Labor 101,700 Factory overheads 56,500 There was no work in process beginning inventory. Particulars Units Units from preceding department 60,000 Units transferred out 50,000 Units in process at the end of month (all materials, 2/3converted) 9,000 Units lost (1/2 completed as to materials conversion cost ) 1,000 The entire loss is considered abnormal is to be charged to factory overhead. Equivalent units of material __________ . 9,000 units b. 56,500 units c. 59,500 units d. None of the given options 8. For which one of the following industry would you recommend a Job Order Costing system? a. Oil Refining b. Grain dealing c. Beverage production d. Law Cases 9. For which one of the following industry would you recommend a Process Costing system? a. Grain dealer b. Television repair shop c. Law office d. Auditor Cost Management Accounting (mgt402) Quiz 02 Fall Semester 2007 10. The difference between total revenues and total variable costs is known as: a. Contribution margin b. Gross margin c. Operating income d. Fixed costs 11. Percentage of Margin of Safety can be calculated in which one of the following ways? a. Based on budgeted Sales b. Using budget profit c. Using profit Contribution ratio d. All of the given options 12. Which of the following represents a CVP equation? a. Sales = Contribution margin (Rs. ) + Fixed expenses + Profits b. Sales = Contribution margin ratio + Fixed expenses + Profits c. Sales = Variable expenses + Fixed expenses + profits d. Sales = Variable expenses – Fixed expenses + profits 13. If 120 units produced, 100 units were sold @ Rs. 200 per unit. Variable cost related to production selling is Rs. 150 per unit and fixed cost is Rs. ,000. If the management wants to decrease sales price by 10%, what will be the effect of decreasing unit sales price on profitability of company? (Cost volume profit analysis keep in your mind while solving it) a. Remains constant b. Profits will increased c. Company will have to face losses d. None of the given options 14. If 120 units pro duced, 100 units were sold @ Rs. 200 per unit. Variable cost related to production selling is Rs. 150 per unit and fixed cost is Rs. 5,000. If the management wants to increase sales price by 10%, what will be increasing sales profit of company by increasing unit sales price. Cost volume profit analysis keep in your mind while solving it) a. Rs. 2,000 b. Rs. 5,000 c. Rs. 7,000 d. None of the given options Cost Management Accounting (mgt402) Quiz 02 Fall Semester 2007 MCQ # 15, 16, 17 and 18 are based on the following data: The following is the Corporations Income Statement for last month: Particulars Rs. Sales 4,000,000 Less: variable expenses 2,800,000 Contribution margin 1,200,000 Less: fixed expenses 720,000 Net income 480,000 The company has no beginning or ending inventories. A total of 80,000 units were produced and sold last month. 15. What is the companys contribution margin ratio? . 30% b. 70% c. 150% d. None of given options 16. What is the companys break-even in units? a. 48,000 units b. 72,000 units c. 80,000 units d. None of the given options 17. How many units would the company have to sell to attain target profits of Rs. 600,000? a. 88,000 units b. 100,000 units c. 106,668 units d. None of given options 18. What is the companys margin of safety in Rs? a. Rs. 480,000 b. Rs. 1,600,000 c. Rs. 2,400,000 d. None of given options Cost Management Accounting (mgt402) Quiz 02 Fall Semester 2007 19. Which of the following statement(s) is (are) true? a. A manufacturer of ink cartridges would ordinarily use process costing rather than job-order costing b. If a company uses a process costing system it accumulates costs by processing department rather than by job c. The output of a processing department must be homogeneous in order to use process costing e. All of the given options 20. Which of the following statements is (are) true? a. Companies that produce many different products or services are more likely to use job-order costing systems than process costing systems b. Job-order costing systems are used by manufactures only and process costing systems are used by service firms only . Job-order costing systems are used by service firms and process costing systems are used by manufacturers e. All of the given options 21. Product cost is normally: a. Higher in Absorption costing than Marginal costing b. Higher in Marginal costing than Absorption costing c. Equal in both Absorption and Marginal costing d. None of the given options 22. Using absorption costing, unit cost of product includes which of the following combination of costs? a. Direct materials, direct labor and fixed overhead b. Direct materials, direct labor and variable overhead c. Direct materials, direct labor, variable overhead and fixed overhead d. Only direct materials and direct labor 23. Marginal costing is also known as: a. Indirect costing b. Direct costing c. Variable costing d. Both (b) and (c) Cost Management Accounting (mgt402) Quiz 02 Fall Semester 2007 MCQ # 24 25 are based on the following data: The following data related to production of ABC Company: Units produced 1,000 units Direct materials Rs. 6 Direct labor Rs. 10 Fixed overhead Rs. 6000 Variable overhead Rs. 6 Fixed selling and administrative Rs. 2000 Variable selling and administrative Rs. 2 24. Using the data given above, what will be the unit product cost under absorption costing? . Rs. 22 b. Rs. 28 c. Rs. 30 d. None of the given options 25. Using the data given above, what will be the unit product cost under marginal costing? a. Rs. 22 b. Rs. 24 c. Rs. 28 d. None of the given options 26. The break-even point is the point where: a. Total sales revenue equals total expenses (variable and fixed) b. Total contribution margin equals total fixed expenses c. T otal sales revenue equals to variable expenses only d. Both a b 27. The break-even point in units is calculated using_______ a. Fixed expenses and the contribution margin ratio b. Variable expenses and the contribution margin ratio . Fixed expenses and the unit contribution margin d. Variable expenses and the unit contribution margin Cost Management Accounting (mgt402) Quiz 02 Fall Semester 2007 28. The margin of safety can be defined as: a. The excess of budgeted or actual sales over budgeted or actual variable expenses b. The excess of budgeted or actual sales over budgeted or actual fixed expenses c. The excess of budgeted sales over the break-even volume of sales d. The excess of budgeted net income over actual net income 29. The contribution margin ratio is calculated by using which one of the given formula? a. Sales Fixed Expenses)/Sales b. (Sales Variable Expenses)/Sales c. (Sales Total Expenses)/Sales d. None of the given options 30. Data of a company XYZ is given below Particulars Rs. Sales 15,00,000 Variable cost 9,00,000 Fixed Cost 4,00,000 Break Even Sales in Rs. __________ a. Rs. 1, 00,000 b. Rs. 2, 00,000 c. Rs. 13, 00,000 d. None of the given options 1. Mr. Zahid received Rs. 100,000 at the time of retirement. He has invested in a profitable Avenue. From Company A, he received the dividend of 35% and from Company B he received the dividend of 25%. He has selected Company A for investment. His opportunity cost will be: a) 35,000 b) 25,000 c) 10,000 d) 55,000 2. In increasing production volume situation, the behavior of Fixed cost Variable cost will be: a) Increases, constant b) Constant, increases c) Increases, decreases d) Decreases, increases 3. While calculating the finished goods ending inventory, what would be the formula to calculate per unit cost? a) Cost of goods sold / number of units sold b) Cost of goods to be manufactured / number of units manufactured c) Cost of goods manufactured / number of units manufactured d) Total manufacturing cost / number of units manufactured . If the direct labor is Rs. 42,000 and FOH is 40% of conversion cost. What will be the amount of FOH? a) 63,000 b) 30,000 c) 28,000 d) 16,800 5. Which one of the following centers is responsible to earns sales revenue? a) Cost center b) Investment center c) Revenue center d) Profit center 6. Which one of the following cost would not be termed as Product Costs? a) Indirect Material b) Direc t Labor c) Administrative Salaries d) Plant supervisor’s Salary 7. Which of the following ratios expressed that how many times the inventory is turning over towards the cost of goods sold? ) Inventory backup ratio b) Inventory turnover ratio c) Inventory holding period d) Both A B 8. When opening and closing inventories are compared, if ending inventory is more than opening inventory, it means that: a) Increase in inventory b) Decrease in inventory c) Both a and b d) None of the given options 9. The total labor cost incurred by a manufacturing entity includes which one of the following elements? a) Direct labor cost b) Indirect labor cost c) Abnormal labor cost d) All of the given options 10. If, Opening stock1,000 units Material Purchase7,000 units Closing Stock500 units Material consumed Rs. 7,500 What will be the inventory turnover ratio? a) 10 Times b) 12 times c) 14. 5 times d) 9. 5 times 1. 1. A manufacturing company manufactures a product which passes through two departments. 10,000 units were put in process. 9,400 units were completed transferred to department-II. 400 units (1/2 complete) were in process at the end of month. Remaining 200 units were lost during processing. Costs incurred by the department were as follows: |Particulars |Rs. | |Direct Materials |19,400 | |Direct Labor |24,250 | Factory overhead |14,550 | Equivalent units of material, for the month in CPR ____________ 1. a. 200 units 2. b. 9400 units 3. c. 9600 units 4. d. None of the given options MCQ # 2 and 3 are based on the following data: Allied chemical company reported the following production data for its department: |Particulars |Units | |Received in from department –1 |55,000 | |Transferred out department –3 |39,500 | |In process (1/3 labor overhead) |1 0,500 | All materials were put in process in Department No. 1. Costing department collected following figures for department No. 2: |Particulars |Rs. | |Unit cost received in |1. 80 | |Labor cost in department No. 2 |27,520 | |Applied overhead in Department No. 2 |15,480 | 1. 2. Equivalent units of Material are _________ 1. a. 3,500 units 2. b. 39,500 units 3. c. 43,000 units 4. d. None of the given options Cost Management Accounting (mgt402) Solution to Quiz 02 Special Semester 2007 1. 3. Unit cost used for transferred out _________ 1. a. Rs. 0. 64 2. b. Rs. 0. 36 3. c. Rs. 0. 18 4. d. None of the given options 1. 4. During January, Assembling department received 60,000 units from preceding department at a unit cost of Rs. 3. 54. Costs added in the assembly department were: |Particulars |Rs. | |Materials |41,650 | |Labor |101,700 | |Factory overheads |56,500 | There was no work in process beginning inventory. Particulars |Units | |Units from preceding department |60,000 | |Units transferred out |50,000 | |Units in process at the end of month |9,000 | |(all materials, 2/3converted) | | |Units lost (1/2 completed as to materials conversion cost ) |1,000 | The entire loss is considered abnormal is to be charged to factory overhead. Cost transferred to next department __________ 1. a. Rs. 55,703. 3 App. 2. b. Rs. 356,546. 6 App. 3. c. Rs. 412,249. 9 App. 4. d. None of the given options MCQ # 5, 6, 7 and 8 are based on the following data: The following is the Corporations Income Statement for last month: |Particulars |Rs. | |Sales |4,000,000 | |Less: variable expenses |1,800,000 | |Contribution margin |2,200,000 | Less: fixed expenses |720,000 | |Net income |1480,000 | Cost Management Accounting (mgt402) Solution to Quiz 02 Special Semester 2007 The company has no beginning or ending inventories. A total of 80,000 units were produced and sold last month. 1. 5. What is the companys contribution margin ratio? 1. a. 30% 2. b. 50% 3. c. 150% 4. d. None of given options 2. 6. What is the companys break-even in units? 1. a. 48,000 units 2. b. 72,000 units 3. c. 80,000 units 4. d. None of the given options 3. 7. How many units would the company have to sell to attain target profits of Rs. 600,000? 1. a. 48,000 units 2. b. 88,000 units 3. c. 106,668 units 4. d. None of given options 1. 8. What is the companys margin of safety in Rs? 1. a. Rs. 1,600,000 2. b. Rs. 2,400,000 3. c. Rs. 25,60,000 4. d. None of given options MCQ # 9 10 are based on the following data: The following data related to production of ABC Company: |Units produced |2,000 units | |Direct materials |Rs. 6 | Direct labor |Rs. 10 | |Fixed overhead |Rs. 20,000 | |Variable overhead |Rs. 6 | Cost Management Accounting (mgt402) Solution to Quiz 02 Special Semester 2007 |Fixed selling and administrative |Rs. 2000 | |Variable selling and administrative |Rs. 2 | 1. 9. Using the data given above, what will be the unit product cost under absorption costing? 1. a. Rs. 32 2. b. Rs. 30 3. c. Rs. 25 4. d. None of the given options 1. 10. Using the data given above, what will be the unit product cost under marginal costing? 1. a. Rs. 22 2. b. Rs. 24 3. c. Rs. 28 4. d. None of the given options (11-15)Write the names of given five budgets. XYZ Ltd Production Budget For the month of Jan-March |Particulars |Units | |No. of units sold | |Add Desired closing stock | |Less Estimated opening stock | |No. of units manufactured | XYZ Ltd Budgeted income Statement For the month of________ Particulars |Rs. | |Sales | |Less Cost of goods sold | |Gross profit | |Less Operating expenses | |Administrative expenses | |Selling expenses | |Profit from operation | Cost Management Accounting (mgt402) Solution to Quiz 02 Special Semester 2007 |Less Financial charges | |Add Other income | |Profit before tax | XYZ Ltd Cash Budget For the month of Jan-March Particulars |Jan |Feb |Mar | |Opening balance | |Add Receipts (Anticipated cash receipt from all sources) | |Less Payments (Anticipated utilization of cash) | |Excess / Deficit | |Bank b arrowing / Overdraft | |Closing balance |ove its marketability. a) By product b) Joint Product c) Augmented product d) None of the given options

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Denialism Essay Example | Topics and Well Written Essays - 1250 words

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